Negotiations / European Parliament gives the GREAT NEWS for Albania
Moody's: Albania stable position in international markets
Written by SOT.COM.AL 5 Dhjetor 2020
Following the rating in "B1" and with the perspective "SUSTAINABLE" in October 2020, Moody's has conducted the periodic review for Albania.
Moody's International Rating Agency, yesterday, published its periodic review of Albania, a position on the position of our country. After the latest ranking in the rating in "B1" and with a "stable" outlook in October this year, the agency reiterates the stable position of Albania in international markets, despite two consecutive shocks, earthquake and pandemic.
This periodic review does not change the attitude towards institutions and governance, positively recalling the country's commitment to the EU integration process. It also confirms the position on the economic and fiscal factor, after the successful exit in the international markets in 2020.
In the latest ranking report, Moody's has recognized the effects of the pandemic on the economy and the inevitable but temporary negative impact on fiscal parameters as well. However, strong and stable economic conditions in recent years and the joint effort by the authorities to combat the informal economy have improved the labor market.
In July 2020, the government adopted further amendments to the Organic Budget Law, including a fiscal rule for a primary balance of at least zero starting from 2023 onwards. The Agency has assessed fiscal consolidation and return to positive fiscal macroeconomic indicators next year.
In its latest assessment, (a month ago) the Agency predicts that the economy will begin to recover, from next year (2021), where it forecasts a positive growth of 5%. Commitment to the European Union path and diversification of the economy and energy resources is continuing through policy priorities and innovative projects in the sector, reducing dependence on water resources.